Federal Student Loans

Federal Student Loans (available beginning 2017-18 academic year)

These loan programs are provided by the U.S. Department of Education and offer fixed interest rates and flexible repayment options.

General Eligibility Requirements

Students must complete a Free Application for Federal Student Aid (FAFSA) every year. Your FAFSA must be received and processed by the federal processing system.

Additionally, students must meet all of the basic eligibility requirements below to receive a Federal Direct loan:

  • Not be in default on a federal student loan
  • Maintain satisfactory academic progress
  • Be registered with Selective Service, if you are a male (you must register between the ages of 18 and 25)
  • Be a U.S. citizen or eligible non-citizen
  • Be enrolled at least half-time in an eligible program of study

Federal Subsidized Direct Stafford Loan

Federal Subsidized Direct Stafford Loans are loans made to eligible undergraduate students who demonstrate financial need to help cover the costs to attend Florida Polytechnic University. Financial need is determined based on the University’s published cost of attendance minus the student’s expected family contribution.

The U.S. Department of Education pays the interest on a Direct Subsidized Loan

  • While you’re in school at least part-time,
  • For the first six months after you leave school (referred to as a grace period*), and
  • During a period of deferment (a postponement of loan payments).

Federal Unsubsidized Direct Stafford Loan

Federal Unsubsidized Direct Stafford Loans are loans made to eligible undergraduate, graduate, and professional students. Unlike the Subsidized Direct Stafford Loan, the student does not have to demonstrate financial need to be eligible for the loan. Borrowers are responsible for paying all accrued interest on Unsubsidized Direct Stafford Loans. If you choose not to pay the interest during deferment and forbearance periods, interest will accrue and be capitalized (added to the principal amount of your loan).

Federal Direct Parent PLUS Loan

Parent PLUS loans are federal loans that parents of dependent undergraduate students can use to help pay for costs to attend Florida Polytechnic University. An applicant must be a biological, adoptive, or in some cases, step-parent of the dependent student. The parent who applies must not have an adverse credit history in order to borrow a PLUS loan.

PLUS loans can help pay for education expenses not covered by other financial aid. Parents may borrow up to the University’s published Cost of Attendance minus any other estimated financial assistance.

If a parent is ineligible for a PLUS loan (credit not approved or due to exceptional circumstances), the dependent student may be able to borrow additional Unsubsidized Direct Loans.

Federal Direct Grad PLUS Loan

Grad PLUS loans are federal loans that graduate students can use to help pay for costs to attend Florida Polytechnic University. The graduate student who applies must not have an adverse credit history to borrow a Grad PLUS loan.

PLUS loans can help pay for education expenses not covered by other financial aid. Graduate students may borrow up to the University’s published Cost of Attendance minus any other estimated financial assistance. Direct Unsubsidized loans must be used before Grad PLUS loans.

Federal Direct Loan Limits

The Office of Financial Aid determines the loan type(s), if any, and the actual loan amount you are eligible to receive each academic year. However, federal regulations set limits on the amount in subsidized and unsubsidized loans you may be eligible to receive each academic year (annual loan limits) and the total amounts that you may borrow for undergraduate and graduate study (aggregate loan limits). The actual loan amount you are eligible to receive each academic year may be less than the maximum annual loan limit listed below. These limits vary depending on:

  • Your grade level

and

  • Dependency status (dependent or independent).
Grade LevelDependent StudentsIndependent Student (and dependent undergraduate students whose parents are unable to obtain PLUS loans)
Freshmen (0-29 credits earned)$5,500 – No more than $3,500 of this amount may be in subsidized loans$9,500 – No more than $3,500 of this amount may be in subsidized loans
Sophomore (30-59 credits earned)$6,500 – No more than $4,500 of this amount may be in subsidized loans$10,500 – No more than $4,500 of this amount may be in subsidized loans
Junior and Beyond (60+ credits earned)$7,500 – No more than $5,500 of this amount may be in subsidized loans$12,500 – No more than $5,500 of this amount may be in subsidized loans
Graduate or ProfessionalNot applicable (all graduate and professional students are considered independent)$20,500 (unsubsidized only)
Subsidized and Unsubsidized Aggregate Loan Limit$31,000 – No more than $23,000 of this amount may be subsidized loans$57,500 for undergraduates – No more than $23,000 of this amount may be subsidized loans $138,500 for graduate or professional students

Federal Direct Loan Comparison and Required Documentation

Loan TypeBorrowerInterest Rate (for loans disbursed 7/1/2018-6/30/2019)Origination Fee (for loans disbursed 10/1/2017-9/30/2018)Origination Fee (for loans disbursed 10/1/2018-9/30/2018)RepaymentRequired Documentation/Applications
SubsidizedStudent5.045% fixed1.066%1.062%Begins 6 months after you graduate or enroll for less than half-timeFAFSA
Entrance Counseling
Master Promissory Note
UnsubsidizedStudent5.045% fixed for undergraduates/6.596% fixed for graduates1.066%1.062%Begins 6 months after you graduate or enroll for less than half-timeFAFSA
Entrance Counseling
Master Promissory Note
Parent PLUSParent (biological, adoptive, or in some cases, stepparent)7.595% fixed4.264%4.248%Once your loan is fully disbursed for the Academic Year (i.e. if disbursing Fall and Spring, payment will begin after spring disbursement). Deferment option may be available.FAFSA
Credit Check
Entrance Counseling
Master Promissory Note
Grad PLUSStudent7.595% fixed4.264%4.248%Begins 6 months after you graduate or enroll for less than half timeFAFSA
Credit Check
Entrance Counseling
Master Promissory Note

Managing Federal Loan Repayment

Students who withdraw, drop below less than part- time enrollment status, or graduate will receive notification to complete exit counseling if they received a Direct Loan while attending Florida Polytechnic University.

Exit counseling topics include:

  • Repayment options
  • Consequences of default
  • Deferment and forbearance information
  • Loan consolidation
  • Loan rehabilitation

Exit counseling can be completed by logging into the studentloans.gov website with your FSA ID. You are also able to use the repayment estimator on this site. This estimator can import your federal student loans directly from the National Student Loan Data System and provide you with an estimated monthly payment amount under each repayment plan available to you.